Bank of Santa Clarita sees strong first-quarter results

Bank of Santa Clarita reported a spike in earnings in the first quarter of 2010.

The local lender had first-quarter net earnings of $161,000, up from $39,000 in the first quarter of 2009, according to a Wednesday news release.

"We are pleased with our financial results for the first quarter of 2010," bank President and CEO James D. Hicken said in the release. "We have continued to both strengthen the bank's liquidity and maintain strong credit quality. Our loan portfolio continues to perform well, as evidenced by a low level of nonaccrual loans, which at March 31 totaled only $23,000.

"In addition, the bank's staff has done an excellent job in attracting new clients and increasing core deposits, which has had a positive impact on the bank's balance sheet."

The bank saw significant growth in its deposits during the first quarter of the year, which exceeded totals reported at Dec. 31, 2009, and March 31, 2009, of 12 percent and 37 percent, respectively.

On March 31, the bank had total deposits of $13.3 million, up from about $9.8 million in March 2009, and up from $11.9 million at the end of last December..

Founded in 2004, Bank of Santa Clarita is set to relocate its headquarters this year and open its fourth branch, at a building that formerly was home to an Ethan Allen Furniture store at the corner of Magic Mountain Parkway and Citrus Street.

Interior construction is expected to start in early summer, with the bank expected to move in by December, Executive Vice President Kim Altobello said.

She said the bank has also received the necessary FDIC approval to open a branch at that location.